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BankersOnline.com Forums State-Specific Compliance Issues Pennsylvania Sole Proprietor & authorized signers
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#1468640 - 11/16/10 10:04 PM Sole Proprietor & authorized signers
Kari Offline
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Kari
Joined: Sep 2002
Posts: 131
PA
We have a debate going on and I can't locate the answer in our PA Banking Law. Can Sole Proprietors have authorized signers and/or power of attorney's in PA? Also, if not, where is it referenced. Advantages/disadvantages? TY in advance for your help! smile

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#1469023 - 11/17/10 04:47 PM Re: Sole Proprietor & authorized signers Kari
dottiec Offline
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Joined: Jul 2007
Posts: 305
I don't have a citation of law for you, but being a fellow PA bank-

We allow authorized signers on sole propritorship accounts. Just be sure you clearly mark all documentation showing these people as authorized signers.

We lost a court case several years ago because our documentation was not clear about wheether the additional signer was an owner or not.
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"Life begins at the end of your comfort zone."

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#1490459 - 01/06/11 02:09 PM Re: Sole Proprietor & authorized signers dottiec
Snow Bunny Offline
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Snow Bunny
Joined: Jun 2006
Posts: 14,141
In the Snow :)
We allow authorized signers also and have the Sole Prop sign documentation authorizing them.
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